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White label digital bank: 5 advantages for your business

Last updated on August 2, 2023 Education

Bankable is an international architect of innovative payment solutions for corporations, banks, and retailers. These include e-wallets, mobile wallets, money transfer services, P2P money transfers, and prepaid card programs, which are available as self-service platforms with a white label and through the API. Therefore, we have selected top providers representing a professional approach to white-labeling among hundreds of brands. Get ahead of the competition on Open Banking and offer brand new account-based payments that can be requested and received online, on mobile or by QR code.

  • This clever use of white label financial solutions significantly improves customer journey, increases customer satisfaction and retention, and brings new revenue streams.
  • When it comes to choosing a white label development provider, there are a few key things to keep in mind.
  • With cross-platform technologies, our team did not have to write two separate codebases for iOS and Android, which allowed Rosbank to significantly reduce both costs and time to market.

Add in any company messaging, and change front-end marketing to make the application look like a brand new digital bank. Traditional financial services have extensive software, compliance, and legacy systems designed to meet the demands of consumers and governments. The ability to roll out new services at a near-instant rate means ethics and laws can be overlooked, something that is of particular concern in the financial world.

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Sumit Bansal, Founder and CEO of TrumpExcel, believes even non-financial companies could start to choose fintech white-labelling services if they become an option. He said, “Unless you exclusively accept 35 Icebreakers Perfect for Virtual and Hybrid Meetings cash, you’ll need to have a way to process credit cards, wire transfers, cheques, and other forms of payment.” These features may seem standard to a regular person, but it is not easy to achieve.

  • Failure to comply with regulations can lead to significant legal and financial penalties, as well as damage to a company’s reputation.
  • It also gives consumers better protections, such as the Financial Services Compensation Scheme (FSCS) in the UK, which guarantees to refund customers their money up to £85,000 worth of deposits.
  • This allowed customers to pay for things hands-free using near field communication (NFC).
  • Financial institutions can leverage the expertise of third-party providers to implement advanced security measures for their products and services, protecting their customers’ financial data and preventing data breaches.

White label services offer many advantages to financial institutions, particularly in terms of branding and customer experience. By using white label services, they can customize the products and services they offer to their customers, making them more appealing https://traderoom.info/comptia-authorized-partner-program-guide-by/ and easier to use. The result is a better customer experience, which can lead to increased customer satisfaction and retention. This can help to improve efficiency and productivity, while also reducing the burden of ongoing maintenance and technical support.

Post-Launch Support

To prioritize features, software experts at Surf conducted interviews with SMEs and corporations to discover their business needs and expectations. Thanks to this approach, we developed a custom software product that fully meets industry-specific requirements and gained a competitive advantage. We’re going through a moment where data is more valuable than ever for business. So, we need to recognize that it is also an asset for providing the best and most tailored financial services.

white labeling banking

The first risk comes from not developing their own technology and instead relying on someone else’s platform, which means they’ll have limited control over how things are actually done. Through cooperation with a fintech software development company, you will speed up software integration and reduce costs in the long-term perspective. When partnering with a trusted custom software engineering company, you include the list of regulations in a technical specification written before the project starts. With product support after launch, banking software developers will deliver the required customizations in a rapid manner.

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